Digital assets traded mostly higher during Wednesday's Asian morning session, with Zcash leading major tokens with a 10% gain as Bitcoin held steady near the $87,000 mark. A historic legislative breakthrough in the U.S. Congress for a Bitcoin strategic reserve bill, a new SEC exemption path for tokenized equities, and a sixth straight day of falling oil prices that eased inflation worries all combined to support market mood.
Data showed Zcash climbing 10% to above $1,616 by early Asian trading on Wednesday, making it the top performer among major tokens. Bitcoin hovered around $86,900, up 1% over the past 24 hours. XRP advanced 6% to above $1.62, HYPE rose 4% to near $97, and DOGE gained 4%, while Ether, BNB, and SOL each posted gains of less than 1%. TRX was the only major token in the red, slipping 1%.
Policy catalysts lift sentiment
Tony Dicarlo, head of institutional solutions at RootstockLabs, said in an email that two developments in Washington were underpinning market tone. First, the U.S. House Financial Services Committee passed the "U.S. Reserve Modernization Act" on September 17 with a 28-21 vote, sending it to a full House vote. Second, the Securities and Exchange Commission stepped in after Congress failed to advance the "Clarity Act," using an innovation exemption to clear a path for on-chain trading of tokenized U.S. stocks within 24 hours. Dicarlo noted this move boosted tokenization-linked digital assets and improved overall confidence.
Dicarlo also pointed out that Bitcoin has technically reclaimed its 50-week and 200-week moving averages, rising around 29% in 35 days. The Reserve Modernization Act, which passed committee last week, reignited discussions around a strategic Bitcoin reserve—the furthest such legislation has advanced in Congress—but it still requires votes from both the full House and Senate. The bill would place roughly 325,000 Bitcoin already held by the U.S. government, mostly from criminal and civil forfeitures, into a Treasury strategic reserve, requiring a minimum 20-year holding period and mandating quarterly audited proof of holdings. It also directs research into ways to purchase additional Bitcoin without raising the deficit.
In broader markets, bonds gained during the Asian session while oil prices extended their decline. Ten-year government bond yields in Australia and New Zealand each fell at least 3 basis points, 10-year U.S. Treasury futures climbed, and cash Treasuries were closed for a Japanese holiday. Brent crude slipped less than 1% to around $99 per barrel, marking a sixth consecutive daily drop—the longest losing streak in a year. The move followed comments from U.S. President Donald Trump that American officials held "very good" talks with Iranian envoys in New York, as Washington renewed efforts to end a conflict. Last week, the Bank of Japan raised rates by a 7-2 vote, with the sizable dissent leaving traders expecting a more gradual path for future hikes. The yen has weakened since then, keeping Japanese borrowing costs low and allowing funds for risk trades to keep flowing rather than drying up.
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